Can I consolidate my federal student loans?
Consolidating means that you combine two or more individual federal student loans into a single new loan with a fixed interest rate. This means you make just one payment a month rather than the separate ones. You may also be able to extend the term of the loan up to 30 years, which makes the monthly payment lower than the combined payments you were making but increases the total amount of interest you pay.
Consolidation may be a smart move, but it's not always the best choice for everyone. It makes sense to discuss this option with your Student Finance Professional before you decide what to do.
Can I also consolidate my private student loans?
In many cases, you can consolidate your private student loans into a single loan. The terms of the consolidation will vary, based on the sources of the loans. But you can never combine federal and private loans into a single consolidated loan.